Be Your Own Crypto Trader. Part 2. Choosing a Trader on Telegram
What does it take to start trading cryptocurrency? How to make money with cryptocurrency if you have never dealt with it in particular and trading in general? Having read this article, you will understand that being enthusiastic and eager to learn is enough. You will need a lot of enthusiasm and persistence to become a successful crypto trader and make money on Bitcoin. Becoming an expert in this area is possible, though it requires reading a vast amount of literature, studying an immense amount of information, analyzing the economic aspect of the project thoroughly, exploring its business constituent, as well as mastering the basics of technical solutions and transactional analysis. Unfortunately, if you go this way, time will be your enemy, as the market will be changing much faster than you will be learning.
In case you want to learn how to make money trading Bitcoin faster, the best advice we can give you is to use the experience of traders consultants, whose names are well-established in the market. Get in touch with those traders who trade in the market and give recommendations and advice to other members of the market. By doing so, these traders earn extra money by sharing their experience and do not invest any of their funds in this activity.
However, when you find a trader you think you can trust, you should always keep in mind that the information they share could be truthful and helpful, and could be nothing more but a scam. The fact that someone knows how to profit from Bitcoin and decides to earn money on their knowledge does not necessarily mean that what they share is valid knowledge. You should be careful at all times because while listening to the advice of scammers you can lose all of your investments instantly. For this reason, you need to understand well whom you can trust and who is better to be avoided at all costs.
If you already have some experience in trying to make money with cryptocurrency trading, you must have noticed that the pace of the market is rapidly increasing all the time. This market attracts a lot of beginners, experts, and a lot of scammers as well, which is a pity. Further I will explain how you can choose successful trustworthy traders consultants to work with and keep your investments from fraudsters. This post will cover only Telegram channels that offer both free and paid signals. You will find recommendations on how to choose crypto signals in this article as well. All of my recommendations are based on my experience.
If you search for cryptocurrency channels on Telegram, you will be overwhelmed by their amount. It is hardly possible to find the best crypto signals on Telegram on your own if you do not know how to make the right choice and what criteria to use while searching. Another issue is that stock exchange, ICO, cryptocurrencies and trading market in general act as a massive magnet for fraudsters and scammers of all types. Relying on my personal experience, I can say that less than three out of ten Telegram channels can help you make a profit. However, to figure out which channels are trustworthy and profit-generating, you will need to spend money on subscriptions and buy signals as well sometimes. I suggest that you use the following seven search criteria when searching for trustworthy traders consultants.
Statistics analysis of statistics. Firstly, I would like to advise you to, rely on your research in the first place. Perform thorough research of the cryptocurrency trading signals from the past, which are available on the free channel you decide to join. Go to the stock exchange and check the stats there. This way, you will see whether the signals worked or not. Don’t make up your mind too quickly after you see several profitable signals (often those are referred to as red herrings in cryptocurrency trading terminology). Use Blockfolio or any similar tool to get a full picture of the channel you investigate. In case the channel does not show complete statistics, stay away from it. Such behavior is usually a sign that the administrators have something to sweep under the rug. Another way to check the liability of the channels is to go to platform safetrading.today. It lists channels based on their rating and subscription cost. Here you can view the actual statistics of the channels. The data for it is taken directly from the corresponding channels. You will not find channels that cause only losses or do not work at all here.
It is quite possible that when you take a closer look at the stats of a given channel, you will see that their trading is in the red, but when it comes to the end of the reporting period, several signals work. I recommend you to stay away from such channels as well because they hardly can help you make a lot of profit, and are very likely to leave your balance in the red. Identifying the best crypto trading signals on Telegram is an effortful process that takes a lot of time and work.
The best signals can’t be free. Accept it as is. So many people around the world are trying to make money trading cryptocurrency, but only a small group is successful in doing it. Successful, profitable traders earn a lot of money, and it is natural that they require decent compensations for their advisory services. However, it doesn’t necessarily mean that an expensive channel cannot be a scam imitating signal profits. Currently, expensive channels charge over 0.05BTC for a monthly subscription. Of course, you might find free channels that are profit-generating, but in most cases, they advertise for their paid services.
Communication is the key. When buying and selling Bitcoin, you will be communicating with all kinds of people. Always be attentive to how quickly the administrators of the channels answer your questions, how good their answers are and what general impression the communication creates. Level of English is another important factor to consider. If the administrator’s knowledge of the language is poor, you cannot be sure that they are competent in the sphere. Most cryptocurrency news in the sphere is in English, after all.
Ask traders as many questions as you can. It is the only way to learn! Ask about:
- user count in the paid channel
- monthly subscription cost
- lifetime subscription cost
- the terms of the signals
- supported languages
- team size
- team experience
- country of origin of the team
- stats of the latest signals
- transparency of services Don’t be scared to annoy the administrators; it is better to ask an extra question than to lose your money because you were too shy to ask what you needed. You can also go to cryptocurrency chat rooms on Quora, Reddit, and other platforms to ask your questions a wider audience.
Open chat or/and a website. Don’t believe any channel that doesn’t have an open chat or an outer website. If you have no opportunities to express your idea about the channel and contact the rest of the members of the channel, there is probably a bad reason for it. It usually means that the channel does not want the members to communicate and leave their feedback. Stay away from such channels at all times!
When channels offer open chats and websites, you can talk to the other members, ask them questions and seek advice whenever you need it. Also, you can ask other members about their experience in the channel. Based on my personal experience, about five out of ten people reply to a friendly message.
Beware of snitches that imitate growth in the open chats. They are usually advertising for their covered scam schemes.
A branch on Bitcointalk is a good indicator of the reputation of the channel. Check the negative threads first.
An account on Tradingview is a place where you can check the professional technical analysis of the channel.
Own website of the channel trader will give you additional information about their approach, value, and status.
Signals in times of major market fluctuations and rapid growth. In times of unpredictable market downfall or fluctuations, experienced traders avoid giving signals. If a channel continues to provide signals under such circumstances, you risk a lot while following them.
The amount of cross-marketing in the channel. If you notice that a given channel has too many advertisements and cross-marketing posts, you should question its reliability. It is quite possible that the channel administrators do not earn enough money on subscriptions. It could also be possible that the channel is low quality and marketing and advertising are their only ways of making a profit. There is always a possibility that different channels belong to the same scammer-administrator as well.
Check the actual RESULTS the channel brings. There is a huge amount of cryptocurrency trading on the Internet. If you decide to dive into the business, you should follow the news on ICO, blockchain, and cryptocurrencies in general closely. It is a good idea to visit major relevant events as well. There is a great number of experts who can help you and scammers who can make you lose your investments. Regardless of the level of your experience, trading cryptocurrency is like playing Poker; you need intuition and grasp to succeed in the game.
Having shared these tips with you, I sincerely hope that they will help you with your trading efforts. When I was a beginner, I bumped into a scam and lost my portfolio in a very short time. I was so devastated by the fact that I was not the only one to get into this pump and dump. For this reason, I decided to explore the topic in my article that can be found here. In this post, you can find honest feedback about scammers that they would never publish in their cryptocurrency groups. This information is a must-read for every beginner with a limited budget portfolio.
Check out the project I’m currently working on here. It intends at providing the traders with trustworthy feedback about the cryptocurrency channels. My website helps people make money with cryptocurrency by showing the channels one can trust and the channels one should avoid. Don’t waste your time and money on scammers, make a profit with experienced traders! Even though the crypto market is saturating rapidly, there is still a lot of time left to make money with Bitcoin.